JP Morgan Chase provides mortgage help to unemployed Michigan homeowners

JPMorgan Chase & Co. has set up a new program to help unemployed Michigan homeowners with their mortgage payments. The program will help homeowners pay a portion of the borrowers mortgage payments for up to one year.

Chase is providing funds in addition to the assistance that is available as part of Michigan’s Hardest Hit Fund. The fund is a program that helps qualified borrowers in Michigan by paying up to half of their mortgage payments for up to 12 months, saving them money and helping prevent foreclosures.

JPMorgan Chase is providing assistance to thousands of customers who are behind on their mortgage payments and have lost their jobs due to the weak economy. There may be funding available for those unemployed borrowers who are current but who may soon fall behind. Chase said that it will roll out the mortgage program once the Michigan State Housing Development Authority has finalized all the details.

If you want to learn more about this assistance, dial 866-550-5705. When a homeowner calls Chase to inquire about the program or to apply, a housing counselor will ask basic eligibility questions and then send an application package to the homeowner. Make sure to fill out the application and include all the required documents before the deadline. If the lender approves the application, payments will begin.

An example of the program would be if someone who was unemployed and had been making payments of $1,500 per month on their home loan, would be able to enroll in the program. This person would then be eligible to only have to pay $750 per month, with the state of Michigan covering the rest of the payments.

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